According to data presented by AltIndex.com, Tesla is the only loser among AI giants in 2024, with its stock value plunging by 30% year-to-date.

Unlike NVIDIA, Microsoft, Alphabet, and Meta Platforms, which continued adding trillions of dollars to their stock values amid the AI renaissance, Tesla, has seen a severe plunge in sales and stock price.

The once red-hot company, previously a member of the prestigious “Magnificent Seven” tech stocks, now holds the dubious distinction of being the worst performer in the S&P 500.

Several factors have contributed to this dramatic fall: slowing growth, safety concerns leading to recalls, price cuts, and missed sales targets. The combined effect has been a dramatic drop in Tesla’s stock price, wiping away hundreds of billions of dollars in market value within just three months.

Tesla’s market cap has been observed up-and-down trend over the past year. From $586 billion in April 2023, it climbed to $814 billion a month later, only to dip back down to $525 billion in May. This trend continued throughout the year, with the company adding and losing billions in value. Despite the volatility, Tesla managed to close December 2023 at a market cap of $831 billion.

However, starting from 2024 it was a downhill from. By January’s end, the company’s stock value had plummeted to $583 billion, representing a massive 28% drop in a single month. While the market cap reached a temporary high of $643 billion in February, it has been on a downward trajectory ever since. Last week, the combined value of Tesla shares stood at $550.9 billion, signifying a staggering $250 billion loss since the year began.

According to the alternative data platform AltIndex, which analyzes millions of data signals from thousands of publicly traded companies to forecast future price movements and overall company performance, investors should approach buying Tesla (TSLA) stocks with caution.

Based on its social media mentions, financial results, and neutral sentiment across popular stock forums, the AltIndex algorithm currently marks TSLA with a hold signal.

The full story and statistics can be found here: 

https://altindex.com/news/tesla-ai-stock-drop

The post Tesla stumbles in AI boom: stock value dips by 30% appeared first on Startagist.

Elon Musk does not need an introduction. This South African-born entrepreneur is the Founder of Tesla Motors and SpaceX, and is one of the most popular entrepreneurs in the world.

Musk recently visited Dubai to launch Tesla in the UAE at the World Government Summit. In an interview, he talked about robotics, autonomous vehicles, AI, etc.

Below are the four most notable predictions made by him at the event.

1- Autonomous cars 

Musk’s Tesla Motors is already in the mid of launching it autonomous vehicle. Google has already piloted the project and is expected to roll it out in the near future. We know that noted startup leaders like Mahesh Murthy and Vijay Sekhar Sharma from India have already pre-booked Tesla cars, which are priced at around INR 35 lakh.  It is expected to hit the Indian streets in a few months. Singapore has already witnessed the roll-out of nuTonomy, a driverless car.

Musk is of an opinion that in probably 10 years, cars that are not fully autonomous will be unusual.

2 – Universal basic income

Musk said that with the robots expected to become norm in a a few years down the line, it will lead to massive job losses. As a result of autonomy across industries, the output of output of goods and services will be extremely high, and everything will get very cheap. So a universal basic income is necessary to solve the problem of job losses.

3- Humans beings and digital intelligence

Humans beings can communicate by typing with their fingers at about 10 bits per second, while computers can communicate at “a trillion bits per second,” Musk said. The human brain will need to combine with technology to keep up.

4- Underground cities.

The solution for overcrowding in cities is a network of tunnels under cities. But there is a challenge as to how will you build tunnels quickly, at low-cost, with high safety? So if tunneling technology could be improved so you could build tunnels fast, cheap, and safe, then that could completely get rid of any traffic situations in cities.”

Musk also repeated opinions he’s given in the past about the dangers of artificial intelligence and the likelihood our world is a simulation.

The post Elon Musk Just Made 4 Predictions About The Future Of Humanity originally appeared on us.yahoo.com

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